Plains GP (NYSE:PAGP) Raised to Outperform at Wolfe Research

Plains GP (NYSE:PAGP) was upgraded by research analysts at Wolfe Research from a “peer perform” rating to an “outperform” rating in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. The brokerage presently has a $22.00 target price on the pipeline company’s stock. Wolfe Research’s price target suggests a potential upside of 9.95% from the company’s current price.

Other analysts have also recently issued reports about the stock. Morgan Stanley cut shares of Plains GP from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $22.00 to $19.00 in a report on Friday, October 25th. StockNews.com raised shares of Plains GP from a “hold” rating to a “buy” rating in a research report on Friday, November 8th. Finally, Wells Fargo & Company lowered shares of Plains GP from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $22.00 to $20.00 in a research report on Wednesday, December 18th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $20.11.

Plains GP Stock Performance

PAGP stock opened at $20.01 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.92 and a current ratio of 1.01. The stock has a market cap of $3.95 billion, a P/E ratio of 23.54 and a beta of 1.58. The firm has a 50 day simple moving average of $18.82 and a 200 day simple moving average of $18.81. Plains GP has a 52 week low of $15.78 and a 52 week high of $20.63.

Hedge Funds Weigh In On Plains GP

Institutional investors have recently modified their holdings of the company. Continuum Advisory LLC grew its stake in shares of Plains GP by 10.0% in the third quarter. Continuum Advisory LLC now owns 6,990 shares of the pipeline company’s stock worth $127,000 after acquiring an additional 637 shares during the last quarter. SL Advisors LLC grew its stake in shares of Plains GP by 3.3% in the third quarter. SL Advisors LLC now owns 21,282 shares of the pipeline company’s stock worth $394,000 after acquiring an additional 679 shares during the last quarter. NewEdge Advisors LLC grew its stake in shares of Plains GP by 0.9% in the second quarter. NewEdge Advisors LLC now owns 74,783 shares of the pipeline company’s stock worth $1,407,000 after acquiring an additional 681 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Plains GP by 1.9% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 38,898 shares of the pipeline company’s stock worth $720,000 after acquiring an additional 717 shares during the last quarter. Finally, Townsquare Capital LLC grew its stake in shares of Plains GP by 1.2% in the third quarter. Townsquare Capital LLC now owns 59,998 shares of the pipeline company’s stock worth $1,110,000 after acquiring an additional 729 shares during the last quarter. Institutional investors own 88.30% of the company’s stock.

About Plains GP

Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates in two segments, Crude Oil and Natural Gas Liquids (NGLs). The company engages in the gathering and transporting crude oil and NGLs using pipelines, gathering systems, and trucks.